MV Oil Trust (NYSE: MVO) announced the Trust distribution of Net Profits
for the second quarterly payment period ended June 30, 2008.

Unitholders of record on July 15, 2008 will receive a distribution
amounting to $7,454,968 or $.64825809 per unit payable July 25, 2008.

Volumes, Price and Net Profits for the Payment Period were:

Volume (BOE)

251,174

Proceeds (BOE)

$67.18

Gross Proceeds

$16,872,932

Costs

$7,054,222

Net Profits

$9,818,710

Percentage applicable to Trust’s 80%

Net Profits Interest

$7,854,968

Total cash proceeds available for the Trust

$7,854,968

Provision for estimated Trust expenses

$400,000

Net cash proceeds available for distribution

$7,454,968

The Trust distribution of Net Profits for the second quarterly payment
period ending June 30, 2008 was impacted by the cash payment of the
second half of the 2007 Ad Valorem taxes and the provision for estimated
Trust expenses. The combined effect of these two items amounted to an
approximately $0.10 per unit reduction in the second quarterly period
distribution.

This press release contains forward-looking statements. Although MV
Partners, LLC has advised the Trust that MV Partners, LLC believes that
the expectations contained in this press release are reasonable, no
assurances can be given that such expectations will prove to be correct.
The announced distributable amount is based on the amount of cash
received or expected to be received by the Trustee from the underlying
properties on or prior to the record date. Any differences in actual
cash receipts by the Trust could affect this distributable amount. Other
important factors that could cause these statements to differ materially
include the actual results of drilling operations, risks inherent in
drilling and production of oil and gas properties, and other factors
described in the Trust’s Form 10-K for the
year ended December 31, 2007 filed with the Securities and Exchange
Commission. Statements made in this press release are qualified by the
cautionary statements made in these risk factors. The Trust does not
intend, and assumes no obligations, to update any of the statements
included in this press release.